Sydney-based e-waste recycler Sircel is gearing up for a major expansion, launching a $10 million capital raise at a $190 million pre-money valuation ahead of a planned 2026 IPO.

Stockbroker Morgans has circulated a term sheet to potential investors, flagging that Sircel is on track to generate $75 million in revenue and $13.2 million EBITDA in FY26, based on its most recent run-rate.

Founded in 2018 by CEO Anthony Karam (pictured right), Sircel specialises in extracting high-value metals such as gold and copper from discarded electronics, computers, mobile phones and solar panels.

The company operates recycling facilities in Villawood, Parkes, Dandenong and Yatala, with downstream vendor partners across Adelaide, Darwin and Perth.

With Australia grappling with rising e-waste volumes, Sircel’s expansion positions it as a key player in the country’s push toward a circular economy.

Proceeds from the raise will be channelled into high-yield recycling ($4.5m), geographic expansion ($3m) and scaling its fast-growing solar panel recycling division. Investor bids close on October 8, with site visits scheduled next week.

Sircel’s listing would place it among ASX-listed advanced metals players, including IperionX ($2.4b), Metal Powder Works ($527m) and Titomic ($458m).

The company is backed by Tectonic Investment Management, which also supports data centre operator Firmus Technologies.

Earlier this year, Sircel made changes to its leadership team to prepare for this next growth phase.

Brendon Wright joined as Chief Operations Officer (pictured left), bringing three decades of manufacturing and operations experience, while Angie Bradbury (centre) was appointed Chairperson after previously leading marketing and strategy.

At the time, Karam said the leadership moves underscored the need for both “advanced technology and a team focused on driving innovation at scale.”